Vikram Solar Q2 Profit Falls 95.4% to ₹5.93 Crore

Vikram Solar Limited reported consolidated net profit of ₹5.93 crore for Q2 FY27, down 95.4% year on year from ₹128.49 crore, while total income fell 3.1% to ₹1,091.31 crore for the quarter ended September 30, 2026. The board approved the unaudited results on November 14, alongside the limited-review report.

What did Vikram Solar report for Q2 FY27?

Vikram Solar reported a substantial decline in quarterly profitability despite a comparatively modest fall in consolidated total income. Consolidated profit before tax fell 96.4% year on year to ₹6.60 crore from ₹184.46 crore. Net profit was also 70.0% below the ₹19.78 crore reported in the June 2026 quarter.

Consolidated total income was ₹1,091.31 crore, down 30.7% sequentially from ₹1,575.72 crore and 3.1% from ₹1,125.81 crore a year earlier. Revenue from operations stood at ₹1,077.41 crore, while other income was ₹13.89 crore. This indicates that operating revenue remained the principal source of the company's quarterly income.

The board considered and approved the unaudited standalone and consolidated results for the quarter and six months ended September 30, 2026. The results were accompanied by limited-review conclusions from the auditors, which were unmodified but included attention to specified receivables under litigation and dispute.

Which financial metrics changed most during the quarter?

Vikram Solar's profit and earnings per share recorded the sharpest year-on-year declines in Q2 FY27. Consolidated basic earnings per share fell to ₹0.16 from ₹3.83 in Q2 FY26, a decline of 95.8%, broadly tracking the reduction in net profit.

Finance costs were ₹42.74 crore, 35.3% higher than the year-earlier quarter, although 13.5% lower than the preceding quarter. Depreciation and amortisation on a consolidated basis rose 88.6% year on year to ₹65.79 crore. The disclosed figures show that the reduction in profit was substantially steeper than the decline in total income.

Standalone total income was ₹1,087.09 crore, down 3.4% year on year and 29.8% sequentially. Standalone net profit was ₹3.73 crore, down 97.1% from the prior-year quarter. The difference between standalone and consolidated net profit was ₹2.20 crore, reflecting the inclusion of subsidiaries in the consolidated accounts.

What issues did the auditors highlight in the review report?

The auditors issued unmodified limited-review conclusions while drawing attention to a ₹148.52 crore safeguard-duty receivable under litigation and ₹52.79 crore of disputed customer receivables. These items remain unresolved and had not been stated as affecting the reported financial results.

The safeguard-duty receivable and disputed customer balances are relevant because their recovery depends on the resolution of matters outside the routine quarterly operating cycle. The filing did not disclose a change in the accounting treatment of these balances, and the auditors did not modify their conclusion on the quarterly statements.

The review comments provide investors with context on receivables that remain subject to legal or customer-level resolution. They do not, by themselves, establish a financial charge, recovery timetable, or change in the Q2 FY27 profit reported by Vikram Solar.

How does Q2 compare with Vikram Solar's recent performance?

Vikram Solar's Q2 FY27 income and profit were lower than the June quarter after Q1 had delivered higher revenue but weaker profitability than the prior year. In Q1 FY27, consolidated revenue was approximately ₹1,563 crore, compared with around ₹1,134 crore in the corresponding quarter of the previous year, while consolidated net profit was approximately ₹19.8 crore against ₹133 crore.

The company had reported an operating margin of approximately 8.1% in Q1 FY27, compared with 21.4% a year earlier. Q2's lower total income and net profit extend the focus on profitability, costs and execution as the company pursues manufacturing expansion and works through its order pipeline.

A monitoring agency report for the quarter ended September 30 also stated that there was no material deviation from the stated use of IPO proceeds. It noted ₹3.52 crore of guest-house expenditure classified by the company as project-related utilisation and implementation delays of three to six months for solar projects.

What should investors watch after the Q2 FY27 results?

Investors will watch Vikram Solar's earnings call scheduled for November 16, 2026, at 11:00 a.m. IST for management commentary on financial performance, order execution, manufacturing strategy and the project implementation delays identified in the monitoring report.

The quarterly result also keeps attention on the movement in finance costs, depreciation and receivables. The company reported no exceptional item in Q2 FY27, so the disclosed decline in net profit occurred within its reported operating and financial cost structure rather than from an exceptional charge.

Conclusion

Vikram Solar's Q2 FY27 results show that consolidated total income declined moderately year on year, but profit declined far more sharply. Net profit of ₹5.93 crore, compared with ₹128.49 crore a year earlier, alongside higher depreciation and finance costs, places operating profitability at the centre of the quarterly assessment.

The next disclosed event is the November 16 earnings call, when management is expected to address the order pipeline, manufacturing strategy and financial performance. Investors will also watch for progress on the safeguard-duty litigation, disputed customer receivables and the three-to-six-month project implementation delays reported by the monitoring agency.